Nominet claims this will 'support the economic growth of the UK internet', but this view isn't shared by many digital professionals, who see it as more of a shakedown which could cost UK business £50m per year.

As 93% of all UK domain names use .co.uk, this has significant implications for the UK's digital economy.

The only thing standing between the new gTLDs and the world is ICANN, the organization that runs the internet's domain name system. With applications for new gTLDs in, it must now select which gTLDs will find their way onto the internet and which companies will run them.

Google may have produced a few chuckles with its application to run a .lol gTLD, but some companies believe there's serious cash to be made in the so-called .brand domains that ICANN is going to be approving.

One such company, Donuts, is so confident that the new gTLDs are going to be a hit that it's reportedly raised a $100m Series A round of funding to operate a portfolio of them.